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Real estate market offers the unexpected
Looking for a small condo, a mansion or buildable waterfront property? Find it here.
Properties for sale, as of March 15 on Mercer Island, run the gamut from a $195,000 one-bedroom condominium to $700,000 for a half-acre zoned for multi-family development to a $32 million waterfront mansion with 12 bathrooms.
There are, however, fewer properties on the market than in the past. According to data from the Northwest Multiple Listing Service, there are 182 properties for sale on Mercer Island now. A year ago, there were 227 properties for sale here. But prices have fallen.
Nearly 40 percent of all properties or 70 homes and condos offered for sale are between $500,000 and $1 million. In a marked change from past years, many of those are single family homes.
A quarter of the properties for sale, or 45 total, are priced between $1 million and $2 million. Fourteen percent, or 26 properties, are offered between $2 and $5 million. There are seven properties offered for over $5 million.
A total of 41 condos are on the market, priced between $975,000 and $196,000. Six for sale are in the new condominiums at 7800 S.E. 27th St. in the Town Center. According to a listing, seven of the 24 units there have already sold.
The are 31 properties being marketed as vacant or buildable land, ranging from $350,000 to $5 million. Four are waterfront properties.